LA JOLLA, Calif. and SAN FRANCISCO, Dec. 2, 2015 /PRNewswire/ -- Zebit, Inc. the first fully automated payment system that provides zero-interest credit to Americans underserved by traditional lenders, was named a 2015 Startup Competition Winner at the Future of Money & Technology Summit taking place today in San Francisco.
The 2015 Startup Competition showcases new companies that are modernizing financial services systems and products using innovative, technology-based solutions. Nominated organizations were evaluated on their business model, growth potential, and platform capabilities.
Zebit provides a superior credit alternative to high-cost financing options, such as payday loans or rent-to-own purchases, frequently used by 68 million Americansi who are underserved by traditional financial services. By combining payroll data with sophisticated risk analytics, Zebit's payment system provides employed Americans credit at zero percent interest, without fees, penalties, or credit checks.
Users can make purchases from the Zebit Market or directly from retailers that accept Zebit as a checkout option. Currently, the Zebit Market contains products by Panasonic, Samsung, Canon, Garmin, HP, LG Electronics, KitchenAid, Cuisinart, Hoover, Coleman, and others, all sold at competitive retail prices.
"We are excited and honored to be recognized for our efforts in utilizing technology to revolutionize lending and benefit society," said Michael Thiemann, founder and chief executive officer of Zebit. "Building a platform that gives individuals access to fair and transparent options to make life-event purchases, coupled with financial education, allows people to make better financial decisions. As an employer benefit, companies offering Zebit can reduce employee stress and increase productivity, as well as attract and retain talent to fuel their business."
Zebit launched in September 2015 for participating employers, and on-boarded a $100 million electronics retailer. The company also raised a $10 million Series A round led by Crosslink Capital including Wildcat Venture Partners, Leapfrog Ventures and Correlation Ventures.
The 2015 Startup Competition Award recognizes Zebit's accomplishment in providing the credit, payment system, and a robust ecommerce marketplace that could disrupt the $25 billion high-cost, off-line installment financing industry.
Co-founder Michael Thiemann will demo Zebit at the Future of Money & Technology Conference as part of the Startup Showcase at 3:30 p.m. PST. Thiemann will also moderate the Security & Anti-Fraud panel at 1:00 p.m. PST.
Zebit's payment system technology opens online shopping to 68 million Americans by granting no-cost credit to the underserved population. Due to cash constraints or lack of credit access, these consumers typically turn to high-cost off-line financing methods (payday loans, rent-to-own, in-store financing) with payments that can total over four times the purchase value. Zebit's platform is the first to grant real-time, no-cost, no credit-check, zero percent APR financing to the underserved, and is available to any online merchant as a primary payment method. Learn more about Zebit at www.zebit.com.
About The Future of Money & Technology Summit
The Future of Money & Technology Summit brings together the best and brightest visionaries around money, including startups entrepreneurs, developers, press, investors, authors, service providers, and solutions providers. We meet to discuss the evolving money ecosystem in a proactive, conducive to deal making environment. Learn more at http://www.futureofmoney.com.
i Federal Deposit Insurance Corp. (FDIC), 2011 FDIC National Survey of Unbanked and Underbanked Households, September 2012, http://www.fdic.gov/householdsurvey/2012_unbankedreport.pdf, pp. 4-10.
SOURCE Zebit, Inc.